Debt Recovery Solutions

Repossessing Assets from Clients

When you employ a debt collection agency to recover monies that are owed to you by a client, they will usually initiate three processes on your behalf. These will be an initial demand stage, followed by a legal stage and finally an enforcement stage. During the enforcement stage, the debt will be recovered if possible.

Demand stage

This stage involves calling the debtor to request immediate payment and sending legal letters of demand. It may also involve ‘skip tracing’ (attempting to locate the debtor) if they can’t be contacted.
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Recouping Your Unpaid Bills

Even though you may believe you have robust credit control procedures in place, it is actually quite likely your business will at some stage be chasing debtors who have failed to pay their accounts. When this is the case, it is essential that you access the services of an effective debt recovery solution specialist. All too often, businesses write off outstanding monies as bad debts and are forced to absorb the impacts of clients failing to pay.

Times are tough

There is no denying that the great majority of businesses work tirelessly to deliver and perform. When payment for products and services provided is not received, the effects for a business can be crippling, especially in difficult economic times. Because every dollar counts, it is common and quite reasonable to feel a sense of real urgency around recouping unpaid bills.

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What to Do When Your Debtor Has Fled

Businesses that extend credit arrangements to customers tend to do so in good faith, but are then inconvenienced and placed in a perilous situation when it is discovered that a debtor has fled without current contact details being provided. This is often when the situation is handed over to a debt collection service, which has specialised skills, knowledge, experience and information that provide a business with the best possible chance of recovering the debt that that it is owed.

How common is it for a debtor to flee?

Unfortunately, more and more people flee locations (and become very difficult to trace) because they are trying to escape debt. Sometimes, debtors try to avoid or extricate themselves from involvement with debt collection agencies in the hope that a fresh start in another location (often another country) will solve their problems.

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Top Twelve Strategies for Easy Customer Invoicing and Getting Paid

As a business owner, you are concerned about maintaining a healthy cash flow cycle and minimising overdue invoice. While all organisations should have an internal policy for escalating overdue invoices and non-paying accounts to a debt collection agency, strict procedures should also be implemented for invoicing. Effective invoicing can streamline the payment process and even bring in new business for your organisation. Here are must-know strategies for your business getting paid on time.
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Three ways to Recover your debt quicker

As most business owners know, one of their biggest assets is the debtors list, and having an effective debt collection process is a core strength of any successful business.

This is because cash flow is the lifeblood of a business and late payers can cause cash flow problems and lead to reduced profits, not to mention wasting valuable staff time taken up with chasing the debt. Whilst it is always better to get payment in advance, it is not always possible and so you need to implement an effective debt collection strategy that keeps your business on track and your debtors in line.
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